Market Commentary - Mid-Session
Barometers pare early losses; oil & gas shares slide for 7th day As on : 11-Sep-24  10:37

The key equity indices reversed all early losses and traded with tiny gains in morning trade. The Nifty traded near the 25,050 mark after hitting the day's low of 24,981.30 in early trade. Oil & gas shares witnessed selling pressure for the seventh consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, rose 31.31 points or 0.03% to 81,957.33. The Nifty 50 index added 7.35 points or 0.03% to 25,048.45.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.08% and the S&P BSE Small-Cap index gained 0.28%.

The market breadth was positive. On the BSE, 2,051 shares rose and 1,539 shares fell. A total of 156 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index declined 0.99% to 12,687.65. The index fell 5.92% in seven consecutive trading sessions.

Oil India (down 5.99%), Oil & Natural Gas Corpn (down 2.5%), Indraprastha Gas (down 2.26%), Gujarat Gas (down 1.26%), Mahanagar Gas (down 1.04%), Aegis Logistics (down 0.9%), Hindustan Petroleum Corporation (down 0.87%), Bharat Petroleum Corporation (down 0.84%), Indian Oil Corporation (down 0.79%) and GAIL (India) (down 0.5%) declined.

On the other hand, Reliance Industries (up 0.11%) and Adani Total Gas (up 0.07%) edged higher.

Stocks in Spotlight:

Lemon Tree Hotels added 1.61% after the company informed that it has signed a license agreement viz Lemon Tree Hotel, Mira Road, Mumbai.

Genus Power Infrastructure added 0.23%. The company has established two wholly-owned step-down subsidiaries on 10 September 2024. The new subsidiaries are Genus Shekhawati Smart Metering Solutions SPV Private and Genus Marwar Smart Metering Solutions SPV private.

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